Analyst, Scott Zeller, said, "As we approached the Velti earnings call in the last 3 weeks, shares had been weak on fears of (a) Greece/European exposure, and (b) investor apprehension regarding the VELT balance sheet. The JuneQ results were better than feared, with a slight beat on revenue and modest uptick for full year guidance. Importantly, VELT was free-cash-flow positive (earlier than expected) and DSO improved moderately q/q from 272 down to 266. Growth was solid across all geographies, with Continental Europe up over 20% y/y, and the PIIGS region (Greece, etc.) remained surprisingly steady at 10% of revenue, despite macroeconomic challenges. While investors will continue to monitor VELT’s cash/collections situation, we believe management demonstrated their control of the balance sheet this quarter with earlier than expected free positive cash flow. While Tuesday’s news of strong revenue and EBITDA (plus an improved balance sheet and cash flow) are encouraging, we believe investors are waiting for the September quarter results and guidance as a catalyst for shares, as SeptQ is to be the “low point” for cash on hand of $25m. In the big picture, we continue to have confidence in the secular trend of increased spending on mobile marketing campaigns, where VELT is an industry leader."

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